Torrey appoints Shu Nung Lee as Vice President of research

Lee, who will be based in Hong Kong and will specialise in the analysis of hedge funds in Asia, has ten years of international equity investment experience. Prior to joining Torrey, he was responsible for absolute return investment management and research at Archer Research Ltd, Guoco Management Co. and Cologico Capital. He also spent two years at Nicholas-Applegate Capital Management as Portfolio Manager of the Pacific Rim Fund.

Bewteen 1996 and 2002, Lee was the Japan Auto analyst for Lehman Brothers and Asia Utilities analyst at Credit Suisse, during which time he was institutionally-ranked by Greenwich Associates. Prior to that, he worked for Toyota where in 1991 he became Toyota's first non-Japanese body engineer in Japan.

Lee holds a BS from Stanford University, an MBA from Columbia University, and is a CFA charter-holder. He is fluent in English, Cantonese, and Japanese and proficient in Mandarin.

'The addition of Shu Nung Lee is a significant step ahead for our firm,' says James Torrey, Chairman of Torrey Associates, LLC. We firmly believe that in-depth manager research and disciplined risk management are essential to our continued success. We are, after all, talent scouts. Our core skill set is in the analysis and selection of hedge fund managers at an early stage of their development, before others recognize them as being superior investors. Shu Nung will be responsible for building and enhancing our research effort in Asia as well as participating as a member of the Investment Committee which is responsible for asset allocation and portfolio construction.'

Rick Cortez, President of the Private Client Group, adds: 'As our firm has grown, our clients and strategic partners must have the confidence that our research process and procedures meet the highest possible standards in the industry. We believe Shu Nung Lee will play a major role in this important effort.'

Background note: Torrey Associates, LLC, founded by James Torrey in 1990, is a fund of hedge fund investment company that invests in equity long/short hedge fund managers throughout the world. The firm's assets under management have grown to over USD 850 million, up from approximately USD 600 million just a year ago. Torrey's growth has in part been fuelled by strategic relationships with several of the world's largest global financial institutions.